Minor International Public Company Limited (SET: MINT) is anticipated to announce its 2025 operating results on February 20, 2026. Brokers anticipate positive results, with Krungsri Securities (KSS) maintaining a “Buy” recommendation with a target price of THB 30.50 per share, citing attractive valuation and continued positive profit momentum into 2026.
For 4Q25, profits are expected to grow both year-on-year and quarter-on-quarter, supported by revenue growth and margin expansion. If the results align with projections, there would be around a 4% upside to the 2025 profit estimate of THB 9,070 million.
Meanwhile, profits in 2026 are likely to continue their growth trend, driven by higher pre-bookings across all regions, supporting revenue and benefiting further from financial leverage.
KSS has forecast core profit for 4Q25 at THB 3,150 million, up 10% year-on-year and up 14% quarter-on-quarter, derived from:
1. Hotel business, with revenue increasing 5% year-on-year and up 7% quarter-on-quarter due to an improvement in revenue per available room (RevPAR) in Baht, up 9% year-on-year and 1% quarter-on-quarter, reaching THB 4,283 per night on improved momentum across all regions.
Operations in Europe grew 6% year-on-year due to higher occupancy and room rates amid increased business travel demand. In Thailand, growth was 15% year-on-year due to higher room rates following hotel renovations. The Maldives grew 13% year-on-year on higher occupancy from increased tourist numbers, while Australia grew 6% year-on-year due to higher room rates.
2. Food business revenues remained stable year-on-year due to a weak same-store sales growth (SSSG), which declined 2.6%. In Thailand, the segment remained weak due to slow consumption, while China and Australia returned to positive growth from a low base and strategic adjustments.
3. EBITDA margin is expected at 27.1%, up from 26.8% a year earlier, due to cost control and higher revenue.
4. Interest expenses decreased by 7% year-on-year to THB 2,450 million, reflecting lower debt and interest rates.
Momentum is expected to carry into 1Q26 with stronger pre-bookings in key markets: Europe growing at a low- to mid-single-digit pace driven by business travel, the Maldives sustaining double-digit RevPAR growth from increased occupancy and effective marketing, and Thailand benefiting from a 20-50% increase in room rates after hotel renovations—supporting overall year-on-year growth.
